...It's hardly surprising that banks and other credit-card issuers would use a grace period afforded to them by Congress to their advantage.

The changes required under the Credit Card Accountability, Responsibility and Disclosure Act, or CARD Act, could go a long way to stop deceptive practices in the card industry. But before that happens, card issuers are grabbing what they can from the millions of Americans who are their customers...

The card companies lobbied Congress hard for the delay. They argued they needed the time to overhaul their computer systems, craft new sales' pitches and rewrite disclosure documents to be sent to customers.

While all that may be true, the facts indicate that they are using the time for something else.

"We worked long and hard to enact the safeguards included in the Credit CARD Act," Sen. Chris Dodd, a Democrat from Connecticut who had introduced the bill in 2004, 2005 and 2008 before successfully passing last spring, said in a statement. "But as soon as it was signed into law, credit card companies were looking for ways to get around the protections this Congress and the American people demanded."

His spokesman declined further comment about why Congress is being so aggressive with its actions now.Too bad they couldn't see this coming a lot earlier.

Note to self: NEVER EVER play a game of 3D Chess with Chris Dodd, the guy is way too freaking scary smart and will kick your ass six ways from Sunday.